<br />
Making America great<br />
again It was a core<br />
campaign pledge, but<br />
can Trump deliver?<br />
IFRS 16 and retail National accounts As the<br />
How the new rules on debate on austerity fires<br />
accounting for leases will up, we ask whether we're<br />
affect the high street measuring the right stuff<br />
JULY/AUGUST 2017 ICAEW.COM/ECONOMIA<br />
Career ladders What do<br />
you need to do to make<br />
partner, and are the rules<br />
the same for all firms?<br />
The last cut is the deepest<br />
Daniel Ross on health finance<br />
Daniel Ross, CEO and FD<br />
of the Royal College of<br />
Pathologists, explains how<br />
he is helping its members<br />
save more lives with less<br />
in an age of austerity<br />
KEEP<br />
YOUR TAX<br />
KNOWLEDGE<br />
ON TARGET<br />
RELX (UK) Limited, trading as LexisNexis®. Registered office 1-3 Strand<a title="Economia JULY/AUGUST 17 page 1" href="http://viewer.zmags.com/publication/367aaae9?page=1"> Making America great again It was a core camp</a>
<a title="Economia JULY/AUGUST 17 page 2" href="http://viewer.zmags.com/publication/367aaae9?page=2"> KEEP YOUR TAX KNOWLEDGE ON TARGET </a>
<a title="Economia JULY/AUGUST 17 page 3" href="http://viewer.zmags.com/publication/367aaae9?page=3"> ARTIFICIAL SKILLS GAP ICAEW's annual EU lecture h</a>
<a title="Economia JULY/AUGUST 17 page 4" href="http://viewer.zmags.com/publication/367aaae9?page=4"> All-New Renault KOLEOS Crossover by Renault </a>
<a title="Economia JULY/AUGUST 17 page 5" href="http://viewer.zmags.com/publication/367aaae9?page=5"> Signature Nav dCi 130 are: Urban 52.3 (5.4); Extr</a>
<a title="Economia JULY/AUGUST 17 page 6" href="http://viewer.zmags.com/publication/367aaae9?page=6"> Highlights 10 THE AUDIT 10 In case you missed it</a>
<a title="Economia JULY/AUGUST 17 page 7" href="http://viewer.zmags.com/publication/367aaae9?page=7"> CONTENTS 32 FEATURES 36 Daniel Ross 40 Investme</a>
<a title="Economia JULY/AUGUST 17 page 8" href="http://viewer.zmags.com/publication/367aaae9?page=8"> economia is published by Progressive Content 71-7</a>
<a title="Economia JULY/AUGUST 17 page 9" href="http://viewer.zmags.com/publication/367aaae9?page=9"> The Mitsubishi L200 Series 5 Titan is now more af</a>
<a title="Economia JULY/AUGUST 17 page 10" href="http://viewer.zmags.com/publication/367aaae9?page=10"> Take a dip We look at how the news stories have d</a>
<a title="Economia JULY/AUGUST 17 page 11" href="http://viewer.zmags.com/publication/367aaae9?page=11"> March March saw the launch of a new global firm,</a>
<a title="Economia JULY/AUGUST 17 page 12" href="http://viewer.zmags.com/publication/367aaae9?page=12"> Debate: VALDIS DOMBROVSKIS, vice-president of th</a>
<a title="Economia JULY/AUGUST 17 page 13" href="http://viewer.zmags.com/publication/367aaae9?page=13"> GEORGE OSBORNE, former chancellor, speaking to th</a>
<a title="Economia JULY/AUGUST 17 page 14" href="http://viewer.zmags.com/publication/367aaae9?page=14"> V90 Cross Country D4 AWD, Metallic Paint, Persona</a>
<a title="Economia JULY/AUGUST 17 page 15" href="http://viewer.zmags.com/publication/367aaae9?page=15"> Claire Georghiades on how she has shaped her care</a>
<a title="Economia JULY/AUGUST 17 page 16" href="http://viewer.zmags.com/publication/367aaae9?page=16"> 16 </a>
<a title="Economia JULY/AUGUST 17 page 17" href="http://viewer.zmags.com/publication/367aaae9?page=17"> THE AUDIT I was at university durin</a>
<a title="Economia JULY/AUGUST 17 page 18" href="http://viewer.zmags.com/publication/367aaae9?page=18"> THE AUDIT economia reviews... </a>
<a title="Economia JULY/AUGUST 17 page 19" href="http://viewer.zmags.com/publication/367aaae9?page=19"> Boosting financial intelligence with cognitive co</a>
<a title="Economia JULY/AUGUST 17 page 20" href="http://viewer.zmags.com/publication/367aaae9?page=20"> 42% of millennials limit their mobile transa</a>
<a title="Economia JULY/AUGUST 17 page 21" href="http://viewer.zmags.com/publication/367aaae9?page=21"> PHOTOGRAPHY BY DAVID BEBBER ICAEW president Nick</a>
<a title="Economia JULY/AUGUST 17 page 22" href="http://viewer.zmags.com/publication/367aaae9?page=22"> </a>
<a title="Economia JULY/AUGUST 17 page 23" href="http://viewer.zmags.com/publication/367aaae9?page=23"> Michael Izza Hard figures have been noticeably ab</a>
<a title="Economia JULY/AUGUST 17 page 24" href="http://viewer.zmags.com/publication/367aaae9?page=24"> EYEBROW SPONSORED FEATURE </a>
<a title="Economia JULY/AUGUST 17 page 25" href="http://viewer.zmags.com/publication/367aaae9?page=25"> P eople are “weary of the</a>
<a title="Economia JULY/AUGUST 17 page 26" href="http://viewer.zmags.com/publication/367aaae9?page=26"> Jo Owen If you're conducting furtive conference c</a>
<a title="Economia JULY/AUGUST 17 page 27" href="http://viewer.zmags.com/publication/367aaae9?page=27"> Letter from India Ram Iyer captures how India's r</a>
<a title="Economia JULY/AUGUST 17 page 28" href="http://viewer.zmags.com/publication/367aaae9?page=28"> Partner up: Why tech companies and accountants sh</a>
<a title="Economia JULY/AUGUST 17 page 29" href="http://viewer.zmags.com/publication/367aaae9?page=29"> is incredibly important. It allows them to remain</a>
<a title="Economia JULY/AUGUST 17 page 30" href="http://viewer.zmags.com/publication/367aaae9?page=30"> From the Institute: support for legal services li</a>
<a title="Economia JULY/AUGUST 17 page 31" href="http://viewer.zmags.com/publication/367aaae9?page=31"> Brexit I read with interest how difficult it is g</a>
<a title="Economia JULY/AUGUST 17 page 32" href="http://viewer.zmags.com/publication/367aaae9?page=32"> MAKING AMERICA GREAT AGAIN </a>
<a title="Economia JULY/AUGUST 17 page 33" href="http://viewer.zmags.com/publication/367aaae9?page=33"> P resident Trump came into office </a>
<a title="Economia JULY/AUGUST 17 page 34" href="http://viewer.zmags.com/publication/367aaae9?page=34"> But it is difficult to “The trade war with</a>
<a title="Economia JULY/AUGUST 17 page 35" href="http://viewer.zmags.com/publication/367aaae9?page=35"> months has been pronouncements in relation to imm</a>
<a title="Economia JULY/AUGUST 17 page 36" href="http://viewer.zmags.com/publication/367aaae9?page=36"> Behind the scenes Daniel Ross, chief executive an</a>
<a title="Economia JULY/AUGUST 17 page 37" href="http://viewer.zmags.com/publication/367aaae9?page=37"> DANIEL ROSS pathology related. In the UK, 900</a>
<a title="Economia JULY/AUGUST 17 page 38" href="http://viewer.zmags.com/publication/367aaae9?page=38"> private sector businesses and in the charity sect</a>
<a title="Economia JULY/AUGUST 17 page 39" href="http://viewer.zmags.com/publication/367aaae9?page=39"> longer than they “hoped and wanted”. Snap general</a>
<a title="Economia JULY/AUGUST 17 page 40" href="http://viewer.zmags.com/publication/367aaae9?page=40"> STANDING STILL Focusing on the short-term and bui</a>
<a title="Economia JULY/AUGUST 17 page 41" href="http://viewer.zmags.com/publication/367aaae9?page=41"> INVESTMENT “The challenge for t</a>
<a title="Economia JULY/AUGUST 17 page 42" href="http://viewer.zmags.com/publication/367aaae9?page=42"> INVESTMENT PRICE PRESSURES One </a>
<a title="Economia JULY/AUGUST 17 page 43" href="http://viewer.zmags.com/publication/367aaae9?page=43"> Change is too valuable an opportunity to miss. S</a>
<a title="Economia JULY/AUGUST 17 page 44" href="http://viewer.zmags.com/publication/367aaae9?page=44"> INVESTMENT </a>
<a title="Economia JULY/AUGUST 17 page 45" href="http://viewer.zmags.com/publication/367aaae9?page=45"> Central banks bump politics… for the time being </a>
<a title="Economia JULY/AUGUST 17 page 46" href="http://viewer.zmags.com/publication/367aaae9?page=46"> The retail sector is shaping up for some radical </a>
<a title="Economia JULY/AUGUST 17 page 47" href="http://viewer.zmags.com/publication/367aaae9?page=47"> I ntrodu</a>
<a title="Economia JULY/AUGUST 17 page 48" href="http://viewer.zmags.com/publication/367aaae9?page=48"> Implementation is proving tough. Retailers d</a>
<a title="Economia JULY/AUGUST 17 page 49" href="http://viewer.zmags.com/publication/367aaae9?page=49"> IFRS 16 question is,</a>
<a title="Economia JULY/AUGUST 17 page 50" href="http://viewer.zmags.com/publication/367aaae9?page=50"> Virtual Conference: IFRS 16 Leases JOINT ICAEW A</a>
<a title="Economia JULY/AUGUST 17 page 51" href="http://viewer.zmags.com/publication/367aaae9?page=51"> A DAY IN THE LIFE Monday Tuesday </a>
<a title="Economia JULY/AUGUST 17 page 52" href="http://viewer.zmags.com/publication/367aaae9?page=52"> Lynn Gibson runs an award-winning practice specia</a>
<a title="Economia JULY/AUGUST 17 page 53" href="http://viewer.zmags.com/publication/367aaae9?page=53"> ECONOMIA JULY/AUGUST 2017 A DAY IN THE LIFE </a>
<a title="Economia JULY/AUGUST 17 page 54" href="http://viewer.zmags.com/publication/367aaae9?page=54"> A DAY IN THE LIFE </a>
<a title="Economia JULY/AUGUST 17 page 55" href="http://viewer.zmags.com/publication/367aaae9?page=55"> Next issue September 2017 Look east She j</a>
<a title="Economia JULY/AUGUST 17 page 56" href="http://viewer.zmags.com/publication/367aaae9?page=56"> 4.3% The early 1990s recessio</a>
<a title="Economia JULY/AUGUST 17 page 57" href="http://viewer.zmags.com/publication/367aaae9?page=57"> NATIONAL ACCOUNTING 274sectors will be covered</a>
<a title="Economia JULY/AUGUST 17 page 58" href="http://viewer.zmags.com/publication/367aaae9?page=58"> 2014 saw trade and construction lose their status</a>
<a title="Economia JULY/AUGUST 17 page 59" href="http://viewer.zmags.com/publication/367aaae9?page=59"> NATIONAL ACCOUNTING 80% of overall ou</a>
<a title="Economia JULY/AUGUST 17 page 60" href="http://viewer.zmags.com/publication/367aaae9?page=60"> @selenagomez UNDER THE INFLUENCE @pointles</a>
<a title="Economia JULY/AUGUST 17 page 61" href="http://viewer.zmags.com/publication/367aaae9?page=61"> @gigihadid B logs and</a>
<a title="Economia JULY/AUGUST 17 page 62" href="http://viewer.zmags.com/publication/367aaae9?page=62"> across language and cultural barriers, they would</a>
<a title="Economia JULY/AUGUST 17 page 63" href="http://viewer.zmags.com/publication/367aaae9?page=63"> @zoella @caspar_lee REX FEATURES </a>
<a title="Economia JULY/AUGUST 17 page 64" href="http://viewer.zmags.com/publication/367aaae9?page=64"> In this section ON A PATH How the right approach</a>
<a title="Economia JULY/AUGUST 17 page 65" href="http://viewer.zmags.com/publication/367aaae9?page=65"> The focus on skills that help would-be partne</a>
<a title="Economia JULY/AUGUST 17 page 66" href="http://viewer.zmags.com/publication/367aaae9?page=66"> “Working with colleagues takes careful handling. </a>
<a title="Economia JULY/AUGUST 17 page 67" href="http://viewer.zmags.com/publication/367aaae9?page=67"> partner can seem more fraught for those in these </a>
<a title="Economia JULY/AUGUST 17 page 68" href="http://viewer.zmags.com/publication/367aaae9?page=68"> Essential advice for ÄUHUJLWYVMLZZPVUHSZ PQ h</a>
<a title="Economia JULY/AUGUST 17 page 69" href="http://viewer.zmags.com/publication/367aaae9?page=69"> Career ladder Helena Morrissey A fund manager and</a>
<a title="Economia JULY/AUGUST 17 page 70" href="http://viewer.zmags.com/publication/367aaae9?page=70"> I n The Beatles' 1966 song Taxman, Geor</a>
<a title="Economia JULY/AUGUST 17 page 71" href="http://viewer.zmags.com/publication/367aaae9?page=71"> PHOTOGRAPHY BY TOM CAMPBELL Pinsker – who al</a>
<a title="Economia JULY/AUGUST 17 page 72" href="http://viewer.zmags.com/publication/367aaae9?page=72"> Technical key developments Our at-a-glance guide </a>
<a title="Economia JULY/AUGUST 17 page 73" href="http://viewer.zmags.com/publication/367aaae9?page=73"> written comments should be sent to aat@frc.org.uk</a>
<a title="Economia JULY/AUGUST 17 page 74" href="http://viewer.zmags.com/publication/367aaae9?page=74"> application of principles in this context is not </a>
<a title="Economia JULY/AUGUST 17 page 75" href="http://viewer.zmags.com/publication/367aaae9?page=75"> Land, SSE, Sainsbury's, Unilever and the Crown Es</a>
<a title="Economia JULY/AUGUST 17 page 76" href="http://viewer.zmags.com/publication/367aaae9?page=76"> Disciplinary Listings These reports are s</a>
<a title="Economia JULY/AUGUST 17 page 77" href="http://viewer.zmags.com/publication/367aaae9?page=77"> INVESTIGATION COMMITTEE CONSENT ORDERS Lekh Mall,</a>
<a title="Economia JULY/AUGUST 17 page 78" href="http://viewer.zmags.com/publication/367aaae9?page=78"> Rules of engagement As the IAASB considers whethe</a>
<a title="Economia JULY/AUGUST 17 page 79" href="http://viewer.zmags.com/publication/367aaae9?page=79"> ment can seek comfort on specific risk areas from</a>
<a title="Economia JULY/AUGUST 17 page 80" href="http://viewer.zmags.com/publication/367aaae9?page=80"> Fear, loathing and IR35 Reforms to IR35 that put </a>
<a title="Economia JULY/AUGUST 17 page 81" href="http://viewer.zmags.com/publication/367aaae9?page=81"> “People who haven't had anything to do with evalu</a>
<a title="Economia JULY/AUGUST 17 page 82" href="http://viewer.zmags.com/publication/367aaae9?page=82"> Flexible working: The key to happiness In the lat</a>
<a title="Economia JULY/AUGUST 17 page 83" href="http://viewer.zmags.com/publication/367aaae9?page=83"> TECHNICAL: FLEXIBLE WORK client relationships</a>
<a title="Economia JULY/AUGUST 17 page 84" href="http://viewer.zmags.com/publication/367aaae9?page=84"> One Moorgate Place has a range of diverse spaces </a>
<a title="Economia JULY/AUGUST 17 page 85" href="http://viewer.zmags.com/publication/367aaae9?page=85"> Life this month: </a>
<a title="Economia JULY/AUGUST 17 page 86" href="http://viewer.zmags.com/publication/367aaae9?page=86"> Life Travel JUNIOR SHOWTIME Forget Ten</a>
<a title="Economia JULY/AUGUST 17 page 87" href="http://viewer.zmags.com/publication/367aaae9?page=87"> The kids will love: Rugged activities that will g</a>
<a title="Economia JULY/AUGUST 17 page 88" href="http://viewer.zmags.com/publication/367aaae9?page=88"> Life Travel THE DOLOMITES, ITALY When the</a>
<a title="Economia JULY/AUGUST 17 page 89" href="http://viewer.zmags.com/publication/367aaae9?page=89"> THE FLEMISH COAST, BELGIUM For somewhere so close</a>
<a title="Economia JULY/AUGUST 17 page 90" href="http://viewer.zmags.com/publication/367aaae9?page=90"> Life Travel HONG KONG, CHINA Hong Kong may n</a>
<a title="Economia JULY/AUGUST 17 page 91" href="http://viewer.zmags.com/publication/367aaae9?page=91"> GALÁPAGOS ISLANDS, ECUADOR There's wildlife watch</a>
<a title="Economia JULY/AUGUST 17 page 92" href="http://viewer.zmags.com/publication/367aaae9?page=92"> IN ASSOCIATION WITH HISCOX Life How to invest i</a>
<a title="Economia JULY/AUGUST 17 page 93" href="http://viewer.zmags.com/publication/367aaae9?page=93"> ICAEW members save 12.5% Call 0800 840 2295 or vi</a>
<a title="Economia JULY/AUGUST 17 page 94" href="http://viewer.zmags.com/publication/367aaae9?page=94"> Life in review EDGBASTON INVESTEC DAY/ NIGHT</a>
<a title="Economia JULY/AUGUST 17 page 95" href="http://viewer.zmags.com/publication/367aaae9?page=95"> Nikon Coolpix W300 Should you find yourself 30 me</a>
<a title="Economia JULY/AUGUST 17 page 96" href="http://viewer.zmags.com/publication/367aaae9?page=96"> </a>
<a title="Economia JULY/AUGUST 17 page 97" href="http://viewer.zmags.com/publication/367aaae9?page=97"> TO ADVERTISE IN THE DIRECTORY PLEASE CONTACT ADVE</a>
<a title="Economia JULY/AUGUST 17 page 98" href="http://viewer.zmags.com/publication/367aaae9?page=98"> LIFE AFTER WORK W hen</a>
<a title="Economia JULY/AUGUST 17 page 99" href="http://viewer.zmags.com/publication/367aaae9?page=99"> </a>
<a title="Economia JULY/AUGUST 17 page 100" href="http://viewer.zmags.com/publication/367aaae9?page=100"> IN BUSINESS, ATTENTION TO DETAIL IS EVE</a>